Industrial Internet of Things Market Growth and Forecast, 2022 - 2030 : Grand View Research, Inc

The global industrial internet of things market size was valued at USD 216.13 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028. The aggressive rate of IIoT adoption in line with the advances in technology and the easing availability of affordable sensors and processors, which can facilitate real-time access to information, is expected to drive the growth of the industrial internet of things (IIoT) market over the forecast period. The ever-increasing need to augment operational competence tied with solid cooperation among the key market players to deliver the same is anticipated to drive the market expansion. Also, the strategies being drafted to establish a unified digital-human workforce are expected to open substantial growth opportunities.

Industrial IoT can potentially help companies in ensuring the safety of their workforce, reducing operating expenses, and increasing throughput. Companies are gradually establishing new product and service hybrids to strengthen their position and create fresh income streams by shifting from selling solutions to delivering assessable outcomes. IoT is particularly playing a vital role in ensuring easy access to machines and devices. Favorable initiatives pursued by various governments and aggressive efforts being undertaken by companies, such as General Electric; Cisco Systems Inc.; and Huawei Technologies Co. Ltd. for IIoT deployment are anticipated to fuel industry growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Industrial Internet of Things market

The increasing number of connected gadgets is anticipated to create fresh opportunities for new businesses possessing expertise in progressive Artificial Intelligence (AI) algorithms to develop state-of-the-art solutions that can potentially address the issues associated with the technology. IIoT deployment is typically gaining traction in application areas, such as asset management, remote servicing, operational intelligence, predictive maintenance, and remote monitoring. Further, the technology is helping the companies use advanced analytics and techniques like AI and Machine Learning (ML), to support predictive and prescriptive analytical solutions, thereby paving opportunistic ways for the industry.

Remote working policies being adopted in the wake of the outbreak of the COVID-19 pandemic have triggered the demand for transparency in operations. At this juncture, smart connected solutions are expected to play a crucial role in gaining operational visibility at an organizational level. Along with businesses are adapting to remote working and automating their processes accordingly, the businesses are also looking forward to building resilience to ensure growth in the post-COVID era. Hence, they are focusing on IIoT adoption to entice customers, enhance customer experience, and strengthen brand awareness. All such initiatives bode well for the growth of the industrial IoT market over the forecast period.

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Industrial Internet of Things Market Segmentation

Grand View Research has segmented the global industrial internet of things market based on component, end use, and region:

Industrial Internet of Things (IIoT) Component Outlook (Revenue, USD Billion, 2016 - 2028)

• Solution

o   Remote Monitoring

o   Data Management

o   Analytics

o   Security Solutions

o   Others

• Services

o   Professional

o   Managed

• Platform

o   Connectivity Management

o   Application Management

o   Device Management

Industrial Internet of Things (IIoT) End-use Outlook (Revenue, USD Billion, 2016 - 2028)

• Manufacturing
• Energy & Power
• Oil & Gas
• Healthcare
• Logistics & Transport
• Agriculture
• Others

Industrial Internet of Things (IIoT) Regional Outlook (Revenue, USD Billion, 2016 - 2028)

• North America

o   U.S.

o   Canada

• Europe

o   Germany

o   U.K.

o   France

• Asia Pacific

o   China

o   Japan

o   India

o   South Korea

• Latin America

o   Mexico

o   Brazil

• Middle East and Africa (MEA)

Market Share Insights

November 2018 - General Electric Company (GE) launched a new offering, Predix Edge, which is aimed at streamlining edge-to-cloud computing and helping businesses in moving efficiently and securely from trial to production.

June 2019 - SwitchOn, an AI-powered IIoT platform developed by The Abee Research Labs Pvt. Ltd. of India, secured USD 1 million from venture capitalist pi Ventures.

Key Companies profiled:

Some prominent players in the global Industrial Internet Of Things market include

• ABB
• General Electric Company (GE)
• IBM Corporation
• Intel Corporation
• Rockwell Automation, Inc.
• Siemens AG
• Microsoft Corporation

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